03 June 2013 04:57 [Source: ICIS news]
SINGAPORE (ICIS)--China’s manufacturing activities slightly picked up in May, with its official purchasing managers’ index (PMI) showing a reading of 50.8%, up from 50.6% in April, official statistics showed on Monday.
The manufacturing PMI has remained above the 50 threshold for eight consecutive months, indicating continued expansion, according to China’s National Bureau of Statistics (NBS).
China’s production index rose to 53.3% in May from 52.6% in April, while new order index inched up to 51.8% from 51.7% over the same period.
PMI is a barometer of economic activities, with a reading of above 50 indicating expansion and a reading below this number denotes a contraction.
Investment bank HSBC, on the other hand, had a final May PMI reading for China at 49.2, down from 50.4 in April and indicated a first contraction in seven months.
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